I bought a note that is owed by a friend of mone. the note is reported as 120 past due, forclosure proceedings started. being that the note was not paid off to thebank, but was sold to me at a discount, is the bank reporting incorrectly if they still report as "120 past due" or "settled"?? technically, can't I, as the owner of the debt, say that it is "paid as agreed". if anything, the old lender should have "transferred to another lender"... _________________
Usually only "subscribers" can report. The idea is that creditors subscribe to Equifax, for example, so that they can pull credit reports in order to assess the creditworthiness of potential customers. Those same creditors are contractually obligated in some way to report back regarding customer paying habits. I have no idea what subscription fees are, nor do I know if CRAs ever make a special dispensation for a non-subscribing company to report. Doc
Re: Re: Bought a note-can I report as paid? Another reason reports AND SCORES ARE INACCURATE and incomplete.
Re: Re: Bought a note-can I report as paid? Last year I looked into becoming a subscriber and they told me you had to have 500 accounts in order to report positive tradelines. There is no minimum requirement to be a subscriber to pull credit and report negative tradelines. This was from EXP ans EQ. Not sure about TU. I was told this is to prevent someone from being able to report a lot of tradelines on themselves. Which is what my plan was. I heard that a few people tried to get 500 CN's to get together to do this, but it never worked out.
Re: Re: Bought a note-can I report as paid? ...you had to have 500 accounts in order to report positive tradelines. There is no minimum requirement to be a subscriber to pull credit and report negative tradelines. SOUNDS REAL LOGICAL!!! ...BUT THEN IT IS A CRA AND THEY ANSWER TO NOBODY!!!
Re: Re: Bought a note-can I report as paid? Last year I looked into becoming a subscriber and they told me you had to have 500 accounts in order to report positive tradelines. bigmon =============== So this means 499 peoples reports and scores are incomplete and inaccurate for every business that don't have the 500 quota. THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
Re: Re: Bought a note-can I report as paid? they told me you had to have 500 accounts in order to report positive tradelines. bigmon ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ How many so you need to report NEGs?
Re: Re: Bought a note-can I report as paid? In order to report positive tradelines you need 500 accounts. There isn't any minimum to report negs. You only need the 1 account that you're gonna report as a negative. This would make a good story for 60 minutes.
Re: Re: Bought a note-can I report as paid? I wonder what kind of documentation a CRA needs from someone who wants to report a "negative account" on someone. If it's ZILCH, that certainly leaves the door open for all kinds of abuses. Doc
Re: Re: Bought a note-can I report as paid? I'm not sure about documentation, but you need to be at least a basic subscriber that allows you to pull reports. The CRA will then let you report negs. It would be interesting to find out what proof the CRA needs.
